Customer’s Expectations in Banking

With today’s technology, information is available at the speed of light at people’s fingertips, making nearly everyone expect more. Banking customers expect immediacy and efficiency with a touch of personalization in their financial services. Partnering with fintech companies is an easy way to meet the following customer expectations:

 

  1. More Personalization: Customers want a personalized experience, which may seem ironic in this online world. Generic product advice and service support are no longer substantial in satisfying customer’s needs. They expect banks to use their data to create personalized advice and benefits that are geared toward their life stage, financial goals, and needs. CRM tools can help to build relationships with customers, where their information is on hand and agents can better their customer’s experience.

 

  1. Constant Contact: Customers want the right amount of information at the right time through the channel of their preference. In order to accomplish this, banks need to find out what their customers want to hear, when they want to hear from you, and what channels they want you to use. Millennials prefer to use their mobile devices when interacting with their financial services and prefer online communication over any other channel. Additionally, they expect real-time information about their financials 24/7.

 

  1. Speed: Everyone is connected at all times by smartphones and social media, where response times are almost immediate. Banking customers expect this same type of immediacy in their financial services. If a customer sends a message online, they should only have to wait a minute, not hours or days. They expect this speed in their services as well. If they are applying for a loan, they want an easy and fast experience, in which they can find out the decision made on their loan in weeks and not months.

 

  1. Rewards: Consumers are seeking more reward and recognition from their banks in return for their loyalty. The Direct Marketing Association conducted a study and reported that, “While 27% currently receive some form of reward and would like to continue to do so, 44% would like to receive better returns for their loyalty, revealing a significant gap between what consumers are receiving, and what they expect to receive for their custom” (20). Customers seem to want more of a reciprocal relationship with banks and want to receive rewards in more transparent ways.

 

Zikher can help banks in meeting these evolving customer expectations. With our personalized dashboard, customers have their fico and credit scores a their fingertips, and can use the loan calculator to estimate their monthly payments. They can contact their loan officer at anytime through our online communication tools, where their questions will be instantly answered. Our easy and intuitive application can be filled out in a matter of minutes and customers can access the platform at anytime to get real-time information about their loan.

 

References:

 

Jason. “5 Things Customers Want (and Expect) When it Comes to Customer Service.” Fonolo. N.p., 16 June 2014. Web. 12 July 2017.

McGovern, Michele. “Customers want more: 5 new expectations you must meet now.” Customer Experience News and Trends. N.p., 30 June 2016. Web. 12 July 2017.

The DMA. Talking the consumer’s language: financial services 2016. Rep. The DMA, 2016. Web.

 

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